Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-03-25
CHESAPEAKE & OHIO.
ANNUAL MxETrxa or THE srocK'
HeLDgRs or THIS COMPANY
YESTERDAY.
Reports Of the President and General
Manager Showing the Workings OF
the Road. &c.

The adjourned annual meeting OF the
stockholders of the Chesapeake and
Ohio Railroad Company was held in the
Office Of Secretary Wexford, PAGES
Block, at 12 o'clock noon yesterday.
Major John Page occupied the chair
and Messrs G. z. Wexford and John
Garrett acted as secretaries.
Ii having been ascertained that a
quorum was present, General Wickham
read the report of the president and
directors, and also the report OF the
second vice-president, both of which
were adopted.
THE PRESIDENTS REPORT.
The report of President Huntington
shows that the company owns the fol-
lowing routes of railway, all laid with
steel rails: Phnbus TO Old Point, 7.Sl
miles Newport News to Huntington,
494. .05 miles Huntington to Big Sandy
river, S.SS-total, 510.77 branches and
siding, 1882.
The president says that the organiza-
ton Of the Newport-News and Missis-
sippi-Yalley Company, which contem-
plated the unification in interest and
management Of the several lines of rail-
way and other transportation interests
of the Chesapeake and Ohio Railway
Company and its western dependencies,
having been perfected, your Board en-
tered into a lease with that company
for the operation of this property for
period of two hundred and fifty years,
commencing with July /, 1886, by the
teIms of which the lessee is to keep the
property in good repair, TO operate,
maintain, add to, and better the same
as the business of the road may from
time to time require, and to apply the
remaining surplus to the payment OF
its equipment trust bonds and interest
thereon.
THE CoMPANY's FINANCES.
The report, continuing, says: The
surplus for the year was 81 133, Dol. 80.
From this surplus had to be met the
current and past-due obligations Of the
company, amounting to 81 1884, 1926,
showing a deficit of S19l, ,40S.01. The
company failed to earn the 7 per cent.
interest paid on Series b bonds May 1st
and the II per cent. paid November lst
by the sum Of S191, ,40801, even after
applying the earnings over operating
expenses in the months Of November
and December towards the obligations
for the year. This leaves applicable to-
wards the interest maturing on said
bonds on May, l, 1887, only the sur
plus of the first four months operations
in 1857. We should, however, take
cognizance of the fact that the above
statement included S110, 210 for interest
paid and charged against the operations
of the year 1886 that had accrued in
1895, and that the payments for equip
ment have been somewhat larger than
usual.
BONDS.
In speaking of the company's bonds
the president has the following to say
A proposition was made in July last
TO the holders Of Series b bonds to re-
duce the rate of interest on their hold
ings to per cent, per annum, at the same
time extending the maturity OF the bonds
one hundred years from May ], 1886,
in consideration of which stock of the
News and Mississippi-Va
Company equal to % per cent of their
holding would be issued to the holders
of the bonds.
At the same time it was proposed to
the holders of the currency bonds OF
1918 to exchange their bonds for stock
of the Newport-News and Mississippi
Valley Company at the rate of 1925 of
stock for S100 Of the bonds This pro-
position has already been accepted by
large number of the holders of both
classes of securities, and the ultimate
success of the plan is substantially as
sured. The floating debt of the COM
pany amounts to S2,221, ,C9636, an in
crease of S2l9, 891. SO over 1885, which
arises from the purchase of
additional rolling stock.
Attention ls called to the fact that
rates on through business are so low
that the company will have to make
heavy expenditures, absorbing por-
ton of this years revenues, equipping
the road with sidings, double track,
terminal facilities, and rolling stock
TO handle traffic at minimum cost and
move a large volume of sufficient profit
TO earn the interest at the reduced
rates
PORT OF NEWPORT NEWS.
The freight received and forwarded
ut Newport News during the year ag-
gregated S35, 40 tons, an increase OF
l48, 40 tons, or 42.2per cent. over 1885.
The advantages Of this port are be-
coming more generally known and ap-
preciated by both foreign and domestic
.bippers, and we expect steady yearly
the business handled through
hat port.
THE INTERSTATE COMMERCE BILL.
President Huntington, in concluding
MS report, says: " 1t is difficult to an
icipate the effect of the interstate
commerce law upon the future earn
ngs of this property, but it IS fair to
conclude that the intention of this law
VAS not to effect a general reduction of
railroad earnings, but rather to equal
re rates. Any other conclusion will
lecessitate the conclusion that the law
was passed to obstruct and not facili-
ate the commerce of the country, and
we cannot believe that such WAS the
object.
EARNINGS.
The report of General Williams G.
second vice-president of the
and general manager as well,
shows that the earnings for the year
we're Freight, SO, 3l9,3 ,37l. As; passen-
ger, $3.50, ,573.70; mail, express, &c,
SAG, 1o3. 40 total, "a, ,096, 048. 55-an
increase over 1885 of S734, ,S13.08.
The freight earnings have increased
by the sum of $679, ,S02. %, or %. 70 per
,ent. OF the total revenue tonnage for
he year $3.50 per cent. was through
'reight, 42.72 per cent. coal, and 2S.39
Der cent. other local freight. The total
lumber Of tons carried was 2,174, 523,
n an increase of 1874 per cent. over
he previous year. The average haul
per ton was 2Sl.S9 miles-an increase
II 22.3l miles, or S.59p cent. per ton
over 1885.
Thepassenger earnings have increased
Dy the sum of $50, ,392.39, or 1889 per
,ent. The total number of passengers
.arried during the year was 565, ,S4S-
N increase as compared with the previ-
,us year Of 63, ,075, or 129 per cent.
" this number 505,0l4, or 1926 per